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Canara Bank enables forex transactions through internet banking

Canara Bank has launched its new tech product ‘FX 4 U’, which enables the bank’s internet banking users to handle forex transactions seamlessly. At present, the outward remittances module is activated and the remaining modules will be activated soon. Now all eligible individual customers can undertake remittance facility as per FEMA regulations. Corporate customers can make and submit the LC applications along with documents through internet banking once the LC module is activated. Transactions submitted through IB will flow seamlessly to Centralized Process Centre – Forex Transactions, wherein compliance and accounting will be done and transmitted through SWIFT. L.V. Prabhakar, MD, and CEO of the bank said the bank has taken several initiatives to centralize the business process activities like account opening, retail loan products, forex transactions, etc. keeping in mind the growing needs of customers for ease of business, standardize the service quality and reduce TOT.


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